A real estate agent can be defined as a licensed professional who represents a seller or a buyer in any kind of transaction – commercial or residential.
Now picture this: You are looking to buy a house and your best friend says his aunt who has just entered the business can help you.
After a no-show of two weeks the friend’s aunt comes up with a house completely different from your requirement and that too, over and beyond the budget you had asked for.
Now say you want to sell your house and you decide to try your cousin who has just got a license to be a real estate agent. You decide to try out his services. But you don’t see any deals coming through. You check your property on the property websites but your house doesn’t feature on any of them.
So what do you gather of these two situations? Your best friend’s aunt is just suited for your requirement and your cousin is incompetent.
These are some red flags that show you have hired a bad real estate agent. Let’s break it down for you so that you know when to step back.
Look out for these issues in your Real Estate Agent
1) Communication issues: This is one aspect that you should definitely be wary of. You call, email, text but to no avail. This is not just frustrating but also worrying because this lackadaisical attitude could mean letting go of a good deal.
The housing market is one fast-moving place where deals get baked like hotcakes. Poor communication could see you missing out on hot opportunities.
2) Attitude: If you feel your agent is either being too bossy or too washy then you know, there’s something to be wary of. A good real estate agent should not just be capable enough to guide you to buy or sell the best property but should understand your preferences.
No matter how many doubts you raise, your agent should be able to address them without batting an eyelid. You must be able to trust an agent to behave professionally and be polite and not condescending.
3) No progress: It’s been months since you’ve been looking for a house to buy or since you’ve listed your property for sale and there seems to be no progress. Things just don’t seem to move. Be sure there’s a problem. If the issue is that you do not like any property despite your agent showing many good ones then that’s a different story.
However, if the agent fails to show any property for days together or is showing you houses that you have already said no to then he is wasting your time.
If you’re selling and he is not getting clients to even look around, you know there is a problem. Hire a new agent!
4) Less experience: Inexperience can be a huge deal-breaker in this business. You need an agent who is experienced at negotiating and guiding you through good deals. Misfiled papers too could get you in trouble and cost you money.
So lookout for a real estate agent who has at least two years of experience in the field.
5) Poor marketing skills: This issue is a big one particularly when you are selling a property. A good real estate agent should be getting as many clients to view your property.
His job doesn’t end at just listing out your property on a website or putting a sign outside your house. It is his proactive approach that will get you a good deal.
6) You are not your agent’s priority: Now, that’s a big sign that you should consider seriously when dealing with real estate agents. The truth is a real estate agent’s commission gets bigger with higher value property deals. But that doesn’t mean he can consider his clients with lesser value deals to be any lesser. The price of your house should not alter an agent’s professionalism.
Real Estate is a result-based business and so the moment you see stagnation or a slowdown call for a meeting with your agent. Get a progress update to ask what he is doing to get things going. If you don’t get answers and the problem stays as is, let them go and start looking for a new real estate agent.